Nevada KING Announces Significant Silver Intercepts from Its 2021 Atlanta Drill Program
NEVADA KING ANNOUNCES SIGNIFICANT
SILVER INTERCEPTS FROM ITS 2021
ATLANTA DRILL PROGRAM
VANCOUVER, BC
,
Jan. 26, 2023
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce silver assays from 31 holes
drilled during its inaugural Phase I, 2021 drill program at its Atlanta Gold Mine Project located
264km northeast of
Las Vegas, Nevada
, in the prolific Battle Mountain Trend. These 2021 series
holes were initially assayed only for gold while assays for silver and multi-elements were performed
on an intermittent basis. However, after the silver assays were received and a detailed review of the
drill core was completed, the presence of silver mineralization was wider spread than initially
thought. Consequently, the Company has decided to assay all drill samples for gold, silver and multi-
elements going forward. Highlights from the silver assaying of the 2021 drill holes are provided
below.
Highlights:
Hole No.
From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Significant Silver Assays
Associated Gold Assays
AT21-14
0
25.9
24.4
*
36.3
0
24.4
24.4
0.35
Including
15.2
24.4
7.6
*
59.4
AT21-15
24.4
53.3
22.9
*
32.3
24.4
42.7
9
0.67
Including
25.9
29.0
3.05
82.2
And Including
45.7
50.3
4.6
54.7
AT21-18A
0
50.3
45.7
*
55.5
16.8
42.7
29
1.10
Including
4.6
42.7
38.1
65.8
Including
13.7
38.1
24.4
86.9
AT21-41A
33.5
62.5
29.0
27.3
38.1
61.0
22.9
2.17
Including
42.7
54.9
12.2
52.9
AT21-50
48.8
79.2
30.5
54.1
48.8
79.3
30.5
1.39
Including
53.3
73.2
19.8
75.3
AT21-62
9.1
68.6
59.4
27.3
9.1
64.0
54.9
5.34
Including
15.2
18.3
3.0
33.1
30.5
41.2
10.7
11.19
And Including
22.9
25.9
3.0
48.4
And Including
44.2
61.0
16.8
49.6
AT21-63
0
48.8
47.2
*
23.9
7.6
48.8
41.2
3.94
Including
15.2
48.8
33.5
30.5
38.1
47.3
9.1
9.23
AT21-64
0
67.1
67.1
27.0
3.0
67.1
64.1
3.35
AT21-65
0
53.3
53.3
35.7
3.0
51.8
48.8
2.32
Including
6.1
39.6
33.5
50.0
AT21-66
1.5
57.9
56.3
32.2
3.0
57.9
54.9
2.62
Including
39.6
56.4
16.8
55.1
51.8
54.9
3
13.35
Table 1: Highlight intervals of silver assays released today from 2021 drill holes. Utilizing a 5 g/t Ag cutoff, the assay
intervals are reported in two formats: (1) if all samples exceed 5 g/t, the total drill interval is averaged, and (2) if a string of
samples within the drill interval assay below the cutoff value, the groups of samples exceeding 5 g/t are averaged and
reported as an aggregate assay interval within the longer drill interval. *Denotes aggregate assay interval.
Atlanta
historically produced approximately 110,000 ounces of gold and 800,000 ounces
of silver from 1,500,000 tons between 1975 and 1985
1
with a recoverable silver grade of
about 17 g/t.
Geologically, most of the higher grade portions of silver were mined around the
East Atlanta Fault and immediately to the east of this fault.
Almost all of
Nevada King's
2021 holes were drilled east of the East Atlanta Fault within lower
grade extensions of the historically mined deposit and also peripheral to the Gustavson 2020
resource model. The 31 holes listed in Table 2 and shown in Figure 1 were drilled immediately
adjacent to the mined-out area, and an overall average of the entire mineralized hole lengths
yields 21 g/t Ag based on length-weighted averaging according to the formula: average Ag
grade = (SUM (intercept average x intercept length))/total intercept length of the 31 holes.
Because this average is not based on a block calculation the Company can use the information
only qualitatively for a general idea of silver grade within the silica breccia horizon east of the
Atlanta Mine Fault Zone ("
AMFZ
").
While initial 2021 Nevada King drilling was designed to investigate potential for an eastward
extension of the Gustavson 2020 pit-constrained gold resource, the discovery of high-grade
gold hits in holes AT21-062 through AT21-065 at the bottom of the pit in late 2021 re-focused
the Company's attention further westward on the AMFZ going into the 2022 drilling season. Drill
access to the three strands comprising this fault zone was finally achieved in late 2022 and
initial assays show significantly higher silver grades within the AMFZ between the East Atlanta
Fault and West Atlanta Fault compared to the areas drilled in 2021 east of the East Atlanta
Fault (see
January 6, 2023
, and
January 12, 2023
, releases). It is important to bear in mind that
this 100-
150m
wide structural zone was largely untouched by historical mining, with only minor
production occurring along the East Atlanta Fault.
______________________________
1
NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as
prepared by Gustavson Associates
Cal Herron
, Exploration Manager of
Nevada King
, commented: "Silver is rapidly gaining more luster
as we systematically drill across and along the AMFZ. Silver mineralization to date is strongest
within the silica breccia zone developed on top of massive dolomite and quartzite, while the highest
grades occur proximal to high-angle faults cutting the silica breccia between the East Atlanta Fault
and West Atlanta Fault. The Gustavson 2020 pit-constrained resource model calculated an average
silver grade of 11g/t in the M+I category. Results from the recent drilling clearly show strong
correlation of higher silver grade with the silica breccia horizon and grades are substantially higher
than those reported in the Gustavson 2020 pit-constrained resource model. This bodes well for
future drilling that will focus on intersecting these horizons west of the West Atlanta Fault. We now
see the need for deeper holes west of the West Atlanta Fault, and as more assays come in we will
gain a much better picture of the silver distribution and potential for boosting the overall resource
grade."
Figure 1: Location of 2021 drill holes containing significant silver intercepts in relation to the three
major strands of the AMFZ. The 2021 drilling sought to expand the Gustavson 2020 resource zone
eastward from the East Atlanta Fault strand, while the 2022 drill program concentrated on better
defining higher-grade mineralization concentrated within and along the three strands of the AMFZ.
(CNW Group/Nevada King Gold Corp.)
Hole No.
From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Silver Assays
Gold Assays
AT21-3
155.5
179.8
24.4
8.75
94.5
131.1
25.9
1.00
Including
158.5
169.2
10.7
17.3
AT21-6
169.2
182.9
11.9
*
13.9
163.1
175.3
12.2
0.96
Including
169.2
182.9
10.7
*
13.9
AT21-9A
0
44.2
21.3
*
9.41
32
51.2
6.1
0.37
Including
25.9
44.2
7.62
*
19.0
AT21-10
0
12.2
12.2
17.2
13.7
15.2
1.5
0.98
Including
1.5
9.1
7.6
23.6
AT21-11
0
33.5
16.8
*
12.1
0
19.8
10.7
0.97
Including
0
12.2
12.2
18.2
AT21-014
0
25.9
24.4
*
36.3
0
24.4
24.4
0.35
Including
15.2
24.4
7.6
*
59.4
AT21-015
24.4
53.3
22.9
*
32.3
24.4
42.7
9
0.67
Including
25.9
29.0
3.05
82.2
And Including
45.7
50.3
4.6
54.7
AT21-016
0
29.0
18.3
*
5.37
1.5
7.6
6.1
0.44
AT21-018A
0
50.3
45.7
*
55.5
16.8
42.7
29
1.10
Including
4.6
42.7
38.1
65.8
Including
13.7
38.1
24.4
86.9
AT21-030A
0
16.8
13.7
*
13.4
9.1
91.5
21.3
0.72
And
65.5
94.5
22.9
*
7.95
AT21-038
0
35.1
35.1
15.8
0.0
32.0
32
0.59
AT21-038A
0
38.1
38.1
10.6
0.0
36.6
36.6
0.65
Including
0
12.2
12.2
18.2
AT21-41A
33.5
62.5
29.0
27.3
38.1
61.0
22.9
2.17
Including
42.7
54.9
12.2
52.9
AT21-41B
32.0
73.2
32.0
*
10.4
38.1
73.2
35
1.17
Including
59.4
67.1
7.6
24.5
AT21-42
9.1
51.8
36.6
*
2.9
9.1
36.6
27.4
0.79
AT21-42A
10.7
58.0
44.2
*
5.0
18.3
50.3
32.0
0.80
Including
19.8
32.0
12.2
12.0
AT21-43
6.1
30.5
22.9
*
8.33
10.7
29.0
18.3
0.95
Including
10.7
21.3
10.7
14.9
AT21-43A
16.8
35.1
18.3
14.4
19.8
33.5
13.7
1.90
Including
21.3
33.5
12.2
20.2
AT21-45
45.7
91.4
44.2
*
13.1
50.3
91.5
41.2
1.03
Includes
67.1
77.8
10.7
41.7
AT21-46
6.1
27.4
21.3
5.0
7.6
19.8
12.2
1.78
AT21-48
27.4
64.0
35.1
*
5.7
29.0
64.0
12.2
0.40
Including
27.4
38.1
10.7
14.3
AT21-50
48.8
79.2
30.5
54.1
48.8
79.3
30.5
1.39
Including
53.3
73.2
19.8
75.3
AT21-050A
141.7
182.9
38.1
*
17.2
141.8
178.4
36.6
1.00
Including
158.5
167.6
9.1
45.2
AT21-061
0
41.1
39.6
*
14.6
3.0
36.6
33.6
0.60
Including
3.0
10.7
7.6
*
60.4
AT21-062
9.1
68.6
59.4
27.3
9.1
64.0
54.9
5.34
Including
15.2
18.3
3.0
33.1
30.5
41.2
10.7
11.19
And Including
22.9
25.9
3.0
48.4
And Including
44.2
61.0
16.8
49.6
AT21-063
0
48.8
47.2
*
23.9
7.6
48.8
41.2
3.94
Including
15.2
48.8
33.5
30.5
38.1
47.3
9.1
9.23
AT21-064
0
67.1
67.1
27.0
3.0
67.1
64.1
3.35
AT21-065
0
53.3
53.3
35.7
3.0
51.8
48.8
2.32
Including
6.1
39.6
33.5
50.0
AT21-066
1.5
57.9
56.3
32.2
3.0
57.9
54.9
2.62
Including
39.6
56.4
16.8
55.1
51.8
54.9
3
13.35
AT21-069
3.0
19.8
16.8
24.9
3
18.2
15.2
1.01
AT21-072
13.7
42.7
19.8
*
6.1
35.1
42.7
7.6
0.77
Table 2: All silver assays released today. Utilizing a 5 g/t Ag cutoff, the assay intervals are reported in two formats: (1) if
all samples exceed 5 g/t, the total drill interval is averaged, and (2) if a string of samples within the drill interval assay below
the cutoff value, the groups of samples exceeding 5 g/t are averaged and reported as an aggregate assay interval within the
longer drill interval.
*
Denotes aggregate assay interval.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Calvin R. Herron
, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("
NI
43-101
").
About Nevada King Gold Corp.
Nevada King
is the third largest mineral claim holder in the
State of Nevada
, behind
Nevada Gold
Mines
(Barrick/Newmont) and
Kinross Gold
. Starting in 2016, the Company has staked large project
areas hosting significant historical exploration work along the
Battle Mountain
trend located close to
current or former producing gold mines. These project areas were initially targeted based on their
potential for hosting multi-million-ounce gold deposits and were subsequently staked following a
detailed geological evaluation. District-scale projects in
Nevada King's
portfolio include (1) the 100%
owned Atlanta Mine, located 100km southeast of
Ely
, (2) the Lewis and Horse Mountain-Mill Creek
projects, both located between
Nevada Gold Mines'
large
Phoenix
and Pipeline mines, and (3) the
Iron Point project, located 35km east of
Winnemucca, Nevada
.
The Company is well funded with cash of approximately
$10.2 million
as of January 2023.
The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained
resource of 460,000 oz Au in the measured and indicated category (
11.0M
tonnes at 1.3 g/t) plus an
inferred resource of 142,000 oz Au (
5.3M
tonnes at 0.83 g/t). See the NI 43-101 Technical Report
on Resources titled "Atlanta Property,
Lincoln County, NV
" with an effective date of
October 6,
2020
, and a report date of
December 22, 2020
, as prepared by Gustavson Associates and filed
under the Company's profile on SEDAR (
www.sedar.com
).
NI 43-101 Mineral Resources at the Atlanta Mine
Resource
Category
Tonnes
(000's)
Au Grade
(ppm)
Contained Au
Oz
Ag Grade
(ppm)
Contained Ag
Oz
Measured
4,130
1.51
200,000
14.0
1,860,000
Indicated
6,910
1.17
260,000
10.6
2,360,000
Measured + Indicated
11,000
1.30
460,000
11.9
4,220,000
Inferred
5,310
0.83
142,000
7.3
1,240,000
Please see the Company's website at
www.nevadaking.ca
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable securities legislation.
All statements, other than statements of historical fact, included herein, without limitation,
statements relating the future operations and activities of
Nevada King
, are forward-looking
statements. Forward-looking statements are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results "will", "may", "could", or "should"
occur or be achieved. Forward-looking statements in this news release relate to, among other
things, the Company's exploration plans and the Company's ability to potentially expand mineral
resources and the impact thereon. There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ materially from those anticipated in
such statements. Forward-looking statements reflect the beliefs, opinions and projections on the
date the statements are made and are based upon a number of assumptions and estimates that,
while considered reasonable by
Nevada King
, are inherently subject to significant business,
economic, competitive, political and social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or achievements to be materially
different from the results, performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made assumptions and estimates based
on or related to many of these factors. Such factors include, without limitation, the ability to
complete proposed exploration work given the global COVID-19 pandemic, the results of
exploration, continued availability of capital, and changes in general economic, market and
business conditions. Readers should not place undue reliance on the forward-looking statements
and information contained in this news release concerning these items.
Nevada King
does not
assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by applicable securities laws.
SOURCE
Nevada King Gold Corp.
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For further information:
Collin Kettell at [email protected] or (845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 26-JAN-23